Automating Integration of Loan Management Systems with CredAvenue's Co-lending Platform
In this project we aimed to streamline the integration process for borrowers by automating the creation of API contracts. The goal was to enhance operational efficiency and improve user experience by allowing borrowers to self-serve their integration needs, reducing dependency on manual processes.
Lead Product designer
6 Months
Remote
Company
CredAvenue
Fintech
Challenge
The primary challenge stemmed from a lengthy and cumbersome manual process for generating API contracts, requiring extensive requirement-gathering sessions and considerable effort from both business and technology teams. This inefficiency extended the onboarding timeline to as long as four weeks, significantly delaying borrowers' integration into the platform. The process was further complicated by the need for tailored API contracts to accommodate various sectors and client-specific needs, adding complexity to the already intricate integration workflows.
These delays in onboarding and documentation resulted in slower loan disbursals, adversely affecting customer satisfaction and limiting borrowers' access to funds. Additionally, the absence of a unified platform hindered effective collaboration among lenders, leading to missed opportunities and higher operational costs. This fragmented approach not only impacted the customer experience but also created inefficiencies that constrained the platform's overall growth and scalability.
After several discussions with the Business, Operations, and Tech teams, the Product team developed a rough flow diagram and Product Requirements Document (PRD) for the feature.
Upon analyzing the flow, we identified a significant disconnect. The business need was to create a self-serve feature for borrowers to simplify integration. However, looking at the bigger picture, we discovered that two crucial steps—creating a deal and listing it—were still being handled offline or in the backend by the Business and Tech teams. This approach didn't truly make the entire journey self-serve. Consequently, we decided to shift our focus to the beginning of the journey.
Research & Analysis
In the initial phase of our project, we identified the need to automate the integration process for borrowers connecting with the co-lending platform. Our analysis began by examining the existing manual workflow, which involved extensive requirement-gathering sessions and significant collaboration between business and technology teams. We utilized business requirements and flowcharts as a foundation to conduct persona analysis, develop user flows, and create wireframes.Through our research, we uncovered several challenges that hindered efficiency:
Manual Effort: The generation of API contracts required considerable manual effort, often taking up to four weeks for a borrower to onboard fully.
Sector-Specific Requirements: With seven different sectors under co-lending, each requiring unique information, the tech team faced the burden of creating separate API contracts for each sector.
Client-Specific Systems: Each client's Loan Management System necessitated tailored API contracts, complicating the integration process further.
Our analysis highlighted the pressing business need for a self-serve feature that would allow borrowers to independently create deals and generate API contracts. By shifting focus to this self-onboarding module, we aimed to simplify the integration process, reduce workload on teams, and ultimately enhance user experience.The proposed solution involved developing a streamlined user interface that empowers borrowers to list their products and connect with investors seamlessly. This approach not only minimizes manual intervention but also accelerates transaction times, leading to improved overall satisfaction and engagement with the platform.
Task Flows
After identifying the most feasible and workable user flow, we progress to screen flows. Task flows streamline the process, eliminating the need for separate information architecture and detailed user flows for each product module. They even render wireframes unnecessary, as we cover all aspects here and can complete the entire journey. Below is an example of a task flow we drafted—it's quite exciting! 😇.
Wireframes & Visual design
I am not going to jump into wireframes and visual design in this case study, just the BTS of it. Instead, I'll walk you through some of the design solutions that we made. I have added screenshots of an overview of the wireframes and visual design. Scroll down and have a look before we get into the design decisions 😇
Behind the Scenes
Wireframes
Solutioning #1
Borrowers can create a product and test run it in CredAvenue's test environment. Previously, users had to fill in a long form with dummy data—a four-step process with over 30 fields. Users had to enter these details manually, and only after completing this could the product be tested.
We questioned this approach: If users needed to input dummy data, why not provide templates that could be customized based on user preferences? After brainstorming with the business team, we developed several dummy data templates. This replaced the time-consuming process of filling out 30+ fields with a single-click template selection.
After analyzing data from Amplitude, we discovered that users were using our recommended templates directly, often without customization.
Solutioning #2
The spreadsheet above is essentially a list of data points for the user needs to mark as Mandatory or Optional' Users will go through each data point one by one to take action. Since we’re already collecting a large volume of data from users—around 300+ data points in total—these need to be displayed in a way that allows the user to take action efficiently.
To make this process more manageable, we organized the data points into separate groups so users can switch between categories and mark fields as 'Mandatory' or 'Optional.' This grouping helps reduce cognitive load by presenting information in smaller, more digestible chunks, encouraging users to take action without feeling overwhelmed. This approach ensures users won’t feel lost while working through the data points.
Below are some of the options we drafted before finalizing the solution
Option A
Mandatory items that cannot be changed by the user will be preselected in the tile. The form expands upon clicking and is organized into defined categories, allowing users to switch between categories and add the necessary tags. On the right side, users can search for data points or simply select and add them.
Option B & C
In this option, categories and data points are listed on the left, while default mandatory data points are shown on the right and cannot be removed.
Users can select a category from the left, choose a data point, and add it to the right panel. By checking the box, users can mark data points as 'Mandatory' or 'Optional,' and they can remove a data point by clicking the cross icon if needed
Final Solution
In this option, users can switch between categories using a dropdown menu. Each data point is listed with self-descriptive help text, and switches are used to mark data points as 'Optional' or 'Mandatory.' Default mandatory data points are disabled to prevent changes. Below are the default and active states.
Results
The overhaul of the co-lending process led to remarkable outcomes, with the platform facilitating a transaction volume exceeding $1 billion within just 8 months. By April 2022, the platform achieved an impressive milestone of 80,000 daily transactions, supporting more than 2 million underlying loans. This transformation significantly reduced the overall processing time from 75 days to just 6 days, enhancing operational efficiency. The streamlined digital process not only improved transaction speed but also elevated user satisfaction and engagement, allowing clients to access funds more quickly and effectively.
95%
Processing time reduction
25%
Daily Transactions (April 2022)
$1B+
Transaction Volume
Summary
The transition from a manual co-lending system to a fully digital platform has had a transformative impact on both operational efficiency and user experience. The successful automation of the co-lending process has resulted in substantial transaction volumes and rapid processing times. By embracing technology, the platform has empowered users with a seamless experience, fostering greater engagement and satisfaction. This initiative sets a strong foundation for future growth and innovation in the lending space, positioning the platform as a leader in facilitating efficient financial transactions.